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Stocks In Focus SG (Dairy Farm Int’l, Hongkong Land, Mandarin Oriental) – 06/03/15
CNA Group has been awarded a $3.1 million contract to undertake the design and project management for 143 units of a new condominium in Bangkok, Thailand. The project is expected to commence in April 2015 and completed in July 2017.
Dairy Farm International posted a 1.6 percent rise in net profit to US$509.1 million for the financial year ended 31 December 2014, which included a net US$9 million in non-trading gains from disposal of properties. Overall performance was mixed. Despite all divisions reporting higher sales, the food division recorded lower profits due to weaker performances in Indonesia, Singapore and the Philippines, which was offset by better performances in its other divisions. The company has declared a final dividend per share of US$0.165, bringing total FY14 dividend per share to US$0.23.
For the financial year ended 31 December 2014, Hongkong Land Holdings’ net profit improved 11.5 percent to US$1.3 billion, which included a US$397 million gain from the valuation of the group’s investment properties. Underlying profit was down marginally by 0.5 percent at US$930 million. The group’s commercial portfolio produced stronger results, underpinned by higher average rents while its residential development business slowed down slightly due to lesser units completed in Singapore. The company has declared a final dividend per share US$0.13.
Mandarin Oriental International’s net profit was up marginally by 0.7 percent to US$97 million for the financial year ended 31 December 2014, while revenue rose 1.7 percent to US$US$679.9 million. The group’s Hong Kong properties performed better overall, albeit 4Q14 results being affected by demonstrations, while ongoing political uncertainty in Thailand continue to affect its performance there. The firm has declared a final dividend per share of US$0.05. Separately, the group has announced a rights issue of up to 250.93 million new shares to raise gross proceeds of US$316 million, to lower its gearing before the acquisition of the Paris hotel.
Pteris Global has entered into a sale and purchase agreement to dispose its 30 percent stake in Shenzhen CIMC-Tianda Airport Support. The consideration of the sale takes into Tianda’s FY14 net profit, and has been calculated to be approximately Rmb250.6 million. Proceeds will be utilised for working capital and the disposal is expected to be value-accretive, which will help strengthen the firm’s financial position.
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